Dubai, U.A.E. & Eindhoven, The Netherlands– Philips (NYSE:PHG, AEX: PHI) and Cree, Inc. (Nasdaq: CREE) have signed a comprehensive, worldwide patent cross-license agreement designed to further accelerate the growth of the LED lighting market.

Philips and Cree both hold broad and substantial optoelectronic patent portfolios which are important to their respective businesses. This agreement covers patents in the Philips LED Luminaire Licensing Program and from both parties; patents in the fields of blue LED chip technology, white LEDs and phosphors (including remote phosphors), control systems, LED luminaires and lamps as well as LED backlighting of liquid crystal displays (LCDs).

“Philips and Cree have significantly invested in innovation in LED lighting solutions. The wide-ranging IP portfolios of the respective companies reflect the outcome of this effort” said Rudy Provoost, Chief Executive Officer of Philips Lighting. “We wish to see the accelerated adoption of LED lighting, and are therefore delighted that Cree will be joining our LED Luminaire Licensing Program.”

“This agreement demonstrates the breadth and depth of both companies’ intellectual property, as well as the fundamental nature and value these patents bring to the market,” said Chuck Swoboda, Cree chairman and CEO. “It also signals both companies’ commitment to growing the LED market while respecting the value and importance of international intellectual property laws.”